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The price cap for Oyster card users was set at the price of an equivalent one-day, unlimited-ride Travelcard. [7] TfL has expanded its fare capping system since its introduction, adding 7-day caps and contactless bank card support in 2014. [3]: 11 Another early implementation of fare capping in Europe is in Dublin, starting in 2012.
The daily cap is £8.10 within zones 1-2 and £14.90 within zones 1–6, provided no maximum fares are incurred for failure to touch in or out, or for touching in or out at the same station. [79] A lower cap of £5.25 applies if the day's journeys are restricted to buses and trams only. [ 80 ]
Unlike zones 1–6, they do not form complete rings around London but rather patches. [2] They include eight London Underground stations on the Metropolitan line and London Overground stations. Also, Travelcards season tickets for these zones are only sold in limited combinations, unlike in Zones 1-6 where all combinations covering at least two ...
As of 2023, the single fare is £1.75. With Oyster pay as you go, users are charged a set amount for single journeys, although there is a "daily cap", which limits the maximum amount of money that will be deducted from the balance, regardless of how many buses are taken that day (from 04.30 to 04.29 the next day).
In July 2023, TfL and the Mayor of London announced that from January 2024, one day Travelcards would no longer be sold or accepted on the TfL network, citing unfavourable revenue sharing terms between TfL and the Train Operating Companies on which the tickets are valid. 7-day and longer Travelcards will be unaffected. [12]
All of Greater London is within the six principal fare zones numbered 1 to 6. Inner zone 1 forms a roughly circular area and covers central London. Each of five outer zones forms a concentric ring around it. Zones 4, 5 and 6 additionally extend into parts of Essex, Hertfordshire and Surrey. List of boroughs in each zone:
Whilst season tickets, daily capping and contactless weekly capping are set at standard Zone 8 levels, single fares from Dartford are lower than "standard" Zone 8 fares. [ 14 ] This followed Southeastern agreement to seek to bring Oyster/Contactless PAYG to Dartford by 31 January 2016 as part of the 2014–2018 franchise extension.
By February 2018, TfL was projecting a budget deficit of £1 billion, a roughly five-fold increase from 2013, which reportedly threatened its long-term investment plans. [ 71 ] [ 72 ] Revenue collected from fares was set to make up a greater proportion of TfL's budget, yet a £240 million downturn in ticket sales by mid-2018 had been recorded ...